The domestic business of Acadian Asset Management has promoted Andrew Hair to replace former chief executive officer Chris Clayton.

Hair has managed Acadian Asset Management Australia’s relationships with institutional investors and asset consultants since 2007.

He became interim chief executive in March when Clayton left to take the sales helm at MLC Investment Management.

Acadian manages quantitative Australian equity strategies for the $9.9-billion industry fund Hostplus, Macquarie Bank’s superannuation division, MLC’s MasterKey self-managed superannuation service and Netwealth’s employer superannuation division.

Boston-based Acadian entered a joint venture with Commonwealth Bank of Australia subsidiary Colonial First State (CFS) in May 2005 to establish a local business.

Hair will assist the CFS sales team in distributing Acadian funds.